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SAN DIEGO, CA-The Fifth Avenue Financial Centre is currently undergoing a $5.5-million rehabilitation, which is slated for completion in spring 2003.

Developed by the Alessio family in 1965, the twelve-story office facility was once one of the tallest high-rises in the city, with the El Cortez Hotel being the only building here to tower over it. It is still a landmark however, having earned the reputation as the only family-owned high-rise in San Diego.

The owner, Alessio Investment Co., has planned a renovation that will upgrade the property while keeping “more of a sophisticated elegance in the design aesthetic,” according to Dominic Alessio, the company’s general partner. Located at 2550 Fifth Ave., the office building is slated to receive numerous upgrades including the addition of a new glass canopy, valet parking area, state-of-the-art fire suppression systems, security/camera system and emergency generator.

In addition, a new HVAC system, chillers and cooling tower are being installed. Interior improvements will include the refurbishment of the 1960s bronze chandelier, as well as the addition of Egyptian marble flooring. New retail storefront doors will be added, as well as signage, a security desk and elevator cabs. The renovation project, which was designed by Carrier Johnson, is being carried out by general contractor Roel Construction.

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